21st Feb 2019 10:48
LONDON (Alliance News) - Gold exploration firm Oriole Resources PLC said Thursday it has received GBP40,000 in a tax rebate from the UK in relation to its research & development tax relief claim.
Oriole had made the tax relief claim for 2016 to UK tax collector HM Revenue & Customs with regard to its geoscientific advances achieved through its exploration programmes. The firm expects to make its claims for 2017 and 2018 later in the year.
In 2017, Oriole - which was known as Stratex International PLC until September 2018 - generated a GBP4.7 million pretax loss with no reported revenue.
"The scientific research underpinning all of Oriole's exploration activities very clearly improves the understanding of the geology and potential economic feasibility of the areas in which we operate," Oriole Chief Financial Officer Bob Smeaton said. "R&D tax credits are an excellent incentive for research companies to continue their activities and develop successful UK-based businesses that can operate internationally."
Shares in Oriole were 3.7% lower at 0.37 pence on Thursday.
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